OSH released a Field Trip presentation today. In it it addresses IOC/PRL 15 on several slides; 33-35
PRL 15 – Elk / Antelope fields represent largest undeveloped resource in PNG:
Current resource estimates indicate PRL 15 can underpin at least one LNG train
InterOil seeking development partners to develop resource:
Period of exclusivity expired with ExxonMobil in August
Media reports of significant supermajor interest
InterOil committed to farmout by end 2013
Oil Search closely monitoring process
PNG LNG expansion (Train 3) through development of P’nyang and/or Hides upside and/or other Highland’s resources
PRL 15 may offer opportunity for parallel development of further LNG train through some form of integration into PNG LNG Project
Alternatively, PRL 15 resources may be developed independently of PNG LNG as separate project which may still utilise existing PNG LNG infrastructureKey strategic focus on ensuring highly value accretive LNG expansion opportunities are crystallised
Ongoing exploration and appraisal activity in the Highlands to support PNG LNG expansion
Outcome of PRL 15 of key importance, potential catalyst for development of a further LNG train
Oil Search well positioned to realise value from future phases of development as foundation infrastructure owner and
through leveraging core capabilities